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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Does anyone have a mortgage with a no-name bank?
DH went onto Lending Tree and got a bunch of contacts. A local bank- not one of the major ones, just a NJ bank - seems to have the best deal so far. Should I be apprehensive?
Thanks!
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Posted 12/14/07 6:00 PM  |
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Prudential Douglas Elliman Real Estate
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Does anyone have a mortgage with a no-name bank?
It really doesn't matter. It will probably be sold anyway(it does not change your loan or the terms) You may end up with Citi as they seem to be buying so many of the loans in the secondary market
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| Posted 12/14/07 6:05 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Does anyone have a mortgage with a no-name bank?
I was weary about that too...most likely it will get sold off. If it is a good deal I say go for it!
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| Posted 12/14/07 6:11 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Does anyone have a mortgage with a no-name bank?
The winner so far is the Bank of Kansas City! Oh man I have no idea....
Thanks ladies!
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| Posted 12/14/07 6:33 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: Does anyone have a mortgage with a no-name bank?
Good Luck! I know it is so nerve racking!!
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| Posted 12/14/07 6:53 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Does anyone have a mortgage with a no-name bank?
we started out with some joe schmoe bank & our loan got sold 3 times before it landed w/GMAC as our servicer.
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| Posted 12/14/07 7:09 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Does anyone have a mortgage with a no-name bank?
Thanks ladies! It really is a scary process!
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| Posted 12/14/07 7:15 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Does anyone have a mortgage with a no-name bank?
We had a no name it was sold the next month. Now we have Countrywide.
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| Posted 12/14/07 7:31 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Does anyone have a mortgage with a no-name bank?
just be careful with sites like lending tree
those are often teaser rates and other promos
they sell those leads off
what you see - is not always what you get
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| Posted 12/14/07 8:19 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Does anyone have a mortgage with a no-name bank?
Posted by Beth1210
just be careful with sites like lending tree
those are often teaser rates and other promos
they sell those leads off
what you see - is not always what you get
how does one tell the difference? We got a good faith estimate from a few from Lending Tree...DH is an accountant and put all of the numbers in a spreadsheet to measure them up against each other.
Any tips on how we can tell the difference? TIA!
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| Posted 12/14/07 8:33 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Does anyone have a mortgage with a no-name bank?
Posted by TaraGotHutched
how does one tell the difference? We got a good faith estimate from a few from Lending Tree...DH is an accountant and put all of the numbers in a spreadsheet to measure them up against each other.
Any tips on how we can tell the difference? TIA!
if you have gotten that far then you are probably ok
just make sure they have the NYS tax in there (what makes NY closing costs so high)- I wish I could ask my DH (he is a mortgage banker) but he wont be home for a few days
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| Posted 12/14/07 8:38 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Does anyone have a mortgage with a no-name bank?
Posted by Beth1210
Posted by TaraGotHutched
how does one tell the difference? We got a good faith estimate from a few from Lending Tree...DH is an accountant and put all of the numbers in a spreadsheet to measure them up against each other.
Any tips on how we can tell the difference? TIA!
if you have gotten that far then you are probably ok
just make sure they have the NYS tax in there (what makes NY closing costs so high)- I wish I could ask my DH (he is a mortgage banker) but he wont be home for a few days
Oh thanks so much!! We're actually buying in NJ So you obviously mean state tax- not the taxes we pay the feds monthly (property tax)?
Message edited 12/14/2007 8:41:57 PM.
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| Posted 12/14/07 8:41 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Does anyone have a mortgage with a no-name bank?
Oh thanks so much!! We're actually buying in NJ So you obviously mean state tax- not the taxes we pay the feds monthly (property tax)?
yes- NY has a percentage added in
I have no idea about NJ -sorry
if you still have questions during the week FM me- my Dh will be home for the next 3 weeks recovering from surgey and will be more then happy to answer some questions
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| Posted 12/14/07 8:45 PM |
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TaraHutch
True beauty
Member since 10/07 9888 total posts
Name:
Tara
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Re: Does anyone have a mortgage with a no-name bank?
Posted by Beth1210
Oh thanks so much!! We're actually buying in NJ So you obviously mean state tax- not the taxes we pay the feds monthly (property tax)?
yes- NY has a percentage added in
I have no idea about NJ -sorry
if you still have questions during the week FM me- my Dh will be home for the next 3 weeks recovering from surgey and will be more then happy to answer some questions
oh wow! thank you so much! I should probably ask Leese too- she's always answering my questions and she's a fellow Jersey girl.
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| Posted 12/14/07 8:55 PM |
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